In a post last year, I looked at the value of parking spaces in Manhattan — at least there was a lot of discussion on that subject in the comments. The general upshot was that parking spaces seem to be surprisingly cheap here.
Well, not at 200 Eleventh Avenue they’re not. It’s a new 16-unit condo development where 14 of the units have what the developers are calling an “en-suite garage”. Check out the animation on the website — basically, you drive your car into the building, it goes up in an elevator, and you then drive it into your apartment.
There’s about 300 square feet of apartment space devoted to this en-suite garage. The cheapest apartment in the development right now is priced at $4.7 million for 2,353 square feet — which would value the en-suite garage at $600,000. Now that’s a serious amount of money to pay for a parking spot!
Indeed. By my very rough calculation, that’s equivalent to about 125 years of parking-garage fees, assuming a primo spot costs about $400/moo. Even allowing for the convenience of being in the building, it’s still a daft use of cash. (The real number of years is probably smaller if you factor in the time-value-discount thingy, but I don’t have a calculator that clever.)